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International Internet Magazine. Baltic States news & analytics Monday, 23.05.2022, 04:51

Russian businessman Kovtun buys 50% Baltijas aviacijas sistemas shares

Alla Petrova, BC, Riga, 17.12.2010.Print version
Russian businessman Stanislav Kovtun has acquired a 50% stake in Baltijas aviacijas sistemas (BAS), which is a co-owner of Latvian national airline airBaltic, as Janeks Jelkins, deputy chairman of council at the joint-stock company Cargo Avio, who now represents the new BAS shareholder on the company's board, told the business portal

Cargo Avio board chairman Sergejs Fiscenko told that BAS shares had been bought by his business partner Kovtun.

Until today, airBaltic President Bertolt Flick was the sole owner of BAS, which owns 47.2 percent of airBaltic shares. Now the Bahamas-registered Taurus Asset Management Fund Limited, represented by Kovtun, has acquired 50% of BAS shares for LVL 9,654,000, writes LETA.

BAS share capital is LVL 19,307,000.

BAS representative Juris Petersons said that as a result of sale of 50 percent of BAS shares, the company has attracted an investor, and that the transaction was in line with further business development plans of BAS.

As reported, BAS became an airBaltic shareholder in 2009 when it bought the airline's shares from SAS for LVL 14 million.

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